Virgin Money says it has weathered the Brexit storm as it grows profit in first half of 2016 July 26, 2016 Challenger bank Virgin Money reported an increase in profits during the first half of 2016, and said it had weathered the Brexit vote storm, with very little changed in its outlook. The figures Statutory profit before tax was up to £93.7m, a 70 per cent jump from the first half, when profit of £55m was recorded. [...]
Watchdogs need to learn new tricks: MPs slam regulators over handling of HBOS collapse July 26, 2016 MPs have today slammed the finance industry's watchdogs for their failings in handling the HBOS scandal. The report from the Treasury select committee criticised the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), and, in particular, the FCA's predecessor – the Financial Services Authority (FSA) – for various shortcomings in conducting their review. In particular, the MPs highlighted the [...]
Feeling under pressure? Monte dei Paschi shares plummet ahead of European banking stress tests July 25, 2016 Investors may well be feeling the strain ahead of the European bank stress test results, as shares in troubled Monte dei Paschi have plunged more than eight per cent today. Shares in the Italian bank are down 8.2 per cent at €0.29 at time of writing and have lost over 80 per cent of their [...]
Julius Baer rides the wave of Brexit uncertainty to boost income July 25, 2016 Julius Baer has become the latest in a string of companies which has reported bumping up its bottom line on Brexit uncertainty, as it issued its half year results today. The figures The Swiss bank reported operating income of 1.4bn Swiss francs (£1.1bn), up just one per cent compared with the first half of 2015. However, the [...]
Carney says global economy has weathered uncertainty well July 24, 2016 Mark Carney has said the global economy has successfully weathered uncertainty, including downward revisions to global growth and the initial shock of the EU referendum result. In a letter to G20 finance leaders and central bank governors, the governor of the bank of England said in his capacity as the head of the Financial Stability Board [...]
Customers are flocking towards new banking tech like apps and contactless payments according to a BBA report July 22, 2016 Consumers are flocking towards new banking technology, according to a new report, with mobile banking apps now being used more than 7,500 times a minute. Figures published by the British Bankers Association today show a dramatic rise in account holders using their mobiles to access their money. Mobile apps are now used more almost three times more commonly [...]
Banking fraud is the biggest cyber crime in Britain July 21, 2016 Banking fraud is the biggest cyber crime in the UK, accounting for two in every five of the nearly six million online crime incidents recorded over the past year. There were 2.5m online crimes involving banking; and credit accounts, while one million involved other types of fraud such as online shopping, new figures reveal. There were a further two [...]
European banking shares bounce on Draghi bailout chatter July 21, 2016 For once, European banks may well be liking the cut of Mario Draghi's jib. The Eurostoxx index of the Eurozone's top lenders has jumped by 1.3 per cent today after the European Central Bank (ECB) president put the pressure on EU politicians to push ahead with a bailout fund for troubled lenders. Draghi, who has acknowledged the strain his negative [...]
Another challenger bank just got its banking licence July 21, 2016 The challenger bank race is hotting up as another startup is granted a banking licence. Germany’s Number 26 has been fully approved by authorities to operate as a bank across Europe, and plans to launch in the UK imminently. The three-year-old fintech startup backed by billionaire Paypal founder Peter Thiel now has the stamp of [...]
HSBC had investigated foreign exchange trade and found no breach of conduct July 21, 2016 HSBC conducted its own internal investigation into a $3.5bn (£2.65bn) currency trade over which two of the bank's top traders were charged yesterday, it has been revealed. The Financial Times reported today that an internal investigation by HSBC three years ago found nothing wrong with the transaction. The bank allegedly conducted the review after a foreign exchange scandal erupted [...]